Mahanadi Coalfields files draft papers for Rs 9,500 crore IPO
Mahanadi Coalfields has filed a red herring prospectus for a proposed initial public offering worth nearly Rs 9,500 crore, moving one of India's largest coal miners towards a listing.
The filing sets out the terms of the share sale but does not confirm a launch date or a final price. Investors will be watching the offer size, which would rank among the larger Indian public issues in recent years.
Mahanadi Coalfields operates under Coal India, the state-run mining group, and supplies coal to power and industrial buyers. The proposed listing would give public market investors direct exposure to a coal producer at a time when India's electricity demand keeps thermal fuel central to the grid.
The offer's structure, including how much of the sale is fresh capital and how much is an offer for sale by existing shareholders, is set out in the prospectus. Pricing and the subscription window will follow in later filings.
